President John Agyekum Kufuor said on Monday that the high level of inflation, which has been the bane of the economy was likely to reduce from 34 to 20 per cent by the end of the year due to the fiscal discipline adopted by his administration.

He rebuffed media criticisms that the downward trend of inflation and the strengthening of the cedi were ad-hoc measures, explaining that it was the determination of the government to revamp the economy and to lower interest rates as a support to the private sector.

President Kufuor was speaking at the Castle, Osu when he held a meeting with a delegation of Chiefs and Queen mothers from the Ga Traditional Council.

"There is no magic wand for these things to happen. It only demands discipline," he told the traditional authorities, who were led by Nii Adote Obour II, Acting Ga Mantse.

He urged the public sector to adopt measures to ensure efficiency and cut down on corruption to help in the fight against inflation.

President Kufuor, who spoke for over one hour explaining his government’s policies and development objectives, appealed to the electorate not to expect a dramatic change in their lifestyles within the few months of his administration since it inherited an empty treasury.